https://www.taxtmi.com/article/detailed?id=12739 Strict proof of debt and default is essential for an operational creditor to initiate insolvency proceedings. Mere computations, a demand notice and isolated bank statements are insufficient; admissibility requires contemporaneous transactional records such as invoices, purchase orders, ledgers or financial statements that link receipts to the claimed liabilities. Absence of such documents and failure to show acknowledgment of debt, together with lack of linkage to the asserted date of default, render an application unsustainable on evidentiary and limitation grounds. en-us Wed, 26 Jun 2024 14:03:07 +0530 Wed, 26 Jun 2024 14:03:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12739 Strict proof of debt and default is essential for an operational creditor to initiate insolvency proceedings. Mere computations, a demand notice and isolated bank statements are insufficient; admissibility requires contemporaneous transactional records such as invoices, purchase orders, ledgers or financial statements that link receipts to the claimed liabilities. Absence of such documents and failure to show acknowledgment of debt, together with lack of linkage to the asserted date of default, render an application unsustainable on evidentiary and limitation grounds. Articles Corporate Laws / IBC / SEBI Wed, 26 Jun 2024 14:03:07 +0530 https://www.taxtmi.com/article/detailed?id=12739